Web3 company BetDEX announced Sunday that its BetDEX Exchange will officially launch on Solana mainnet on November 17 to coincide with the beginning of the 2022 World Cup. “As the first fully-licensed sports betting exchange built on a blockchain, the platform will be accepting real-money wagers on soccer,” a press release notes.
As part of the launch, BetDEX Exchange will not charge any fees for wagers placed on World Cup matches, BetDEX noted. The company is developed by former FanDuel founders and early employees.
Varun Sudhakar, CEO and Co-Founder of BetDEX, said: “After a successful open beta we are excited to officially launch the BetDEX Exchange in select countries and territories around the world. As the world’s first fully licensed web3 sports betting exchange, we’re looking forward to onboarding members into a booming space.”
“Launching just ahead of the world’s premier sporting event is an exciting moment as our community can wager on matches throughout the duration of the World Cup and beyond,” he stated.
The BetDEX Exchange recently became the first fully-licensed regulated sports betting exchange on blockchain. Under the Online Gambling Regulation Act (OGRA), the BetDEX Exchange received licensed approval from the Isle of Man for all forms of online gambling and gaming, including online sports betting.
The platform currently accepts wagers from countries throughout Europe, Asia, South America, and Africa. The fully non-custodial exchange is built on the Monaco Protocol.
The BetDEX executive team. The BetDEX Exchange is continuing to expand its offering both in terms of territories where it is available and wagering capabilities. The BetDEX Exchange is expected to accept wagers on tennis and cricket, in addition to soccer, in 2023.
Since the launch of its open beta in early October, the BetDEX Exchange has accepted wagers from over 12,000 early access members, the company noted. A “beta” tag will remain on the exchange until 2023, but customers will be able to wager real money immediately upon launch.
The company has focused on international markets at launch and continues to explore regulatory approval in various additional countries around the world, BetDEX said in a statement.
Yogonet spoke earlier this month with CEO Varun Sudhakar on BetDEX receiving approval from the Isle of Man regulator and the doors being licensed opens to the exchange; and on the future of web3 sports betting.
“Being the first fully licensed and regulated sports betting exchange on blockchain allows us to a) instill trust in our customers that they are gambling on a platform that has underwent a stringent diligence process as it relates to player protection and b) paves a path forward for the rest of the industry as to how one might operate a highly regulated business in web3,” he said.